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Which of the following is NOT a main determinant of growth? a. operating efficiency, measured with the profit margin b. asset use efficiency, measured with

Which of the following is NOT a main determinant of growth?

a. operating efficiency, measured with the profit margin

b. asset use efficiency, measured with the total asset turnover

c. payout policy, measured with the payout ratio

d. market capitalization maximization, measured with market value ratios

e. choice of optimal debt ratio, measured with financial leverage ratios

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